Photo: Getty Images “Black gold” has risen sharply

Brent crude on London exchange ICE Futures rose in price to $31,19 per barrel, while the barrel of WTI is now worth $27,50.

World oil prices reference marks rose sharply against the publication of a report by the International energy Agency (IEA), which lowered the valuation of falling demand for raw materials. This according to the auction on Thursday evening, may 14.

So, the July futures Brentна London’s ICE Futures exchange rose $2,00 (of 6.85%) to $31,19 per barrel.

The cost of the futures on WTI for June at the electronic session on the new York Mercantile exchange (NYMEX) rose $2.21 of (a total of 8.74%) to $27,50 per barrel.

The spread between the current contracts for Brent and WTIсоставляет $3,69 in favor of Brent.

Earlier on Thursday, the IEA released its may report, which reduced the assessment of the fall in oil demand this year to 8.6 million barrels per day from the previous forecast of 9.3 million

The IEA contributed to the growth of optimism in the oil market, after yesterday’s OPEC assessment, which adjusted down the forecast of oil demand this year by more than 9 million barrels per day, the level at 91.1 million barrels per day.

Recall that Saudi Arabia did not wait for may 1 and began to cut the level of oil production before the entry into force of the transaction OPEC+. Moreover, the authorities decided to reduce oil production in June by another 1 million barrels per day in addition to obligations.

Overall OPEC+ is supposed to cut production to 9.7 million barrels per day. The quota of Saudi Arabia was 2.5 million barrels.

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